Mon, 08 Aug 2016 | ADMINISTRATION
Wind power group Rame Energy plc has entered administration, citing Brexit as the main reason for its inability to raise funding.
The company said in a statement: “Due to difficult market conditions and the outcome of the UK referendum on exiting the European Union, the company has been unable to complete the fundraising.
“As a result, the directors, having taken advice, have concluded that the group can no longer continue to trade on a solvent basis."
Two administrators from Leonard Curtis Recovery Limited, Andrew Beckingham and Colin Prescott, were brought in on 4 August 2016 to manage proceedings. The intention is to address the immediate liquidity issues the group is experiencing and to keep Rame Energy on as a going concern if possible.
The Plymouth-based business started out as The Seawind Group in 2002, and is now wholly owned by Rame. It's main operations are located in Latin America, mostly in Chile, and it has been using renewable technologies to generate low-cost electricity to private industrial customers.
The news comes despite the group having won $4 million (£3.1 million) in additional funding to speed up projects in Chile some months ago.
Rame has been involved in domestic, commercial and agricultural installations for over 30 years. It bought solar farm installer Beco Energy Solutions in 2014, which completed a 25kW rooftop installation for a high profile school in Chile last year. The project was to be the first of many more.
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